Pina Colada Corporation purchased a patent from MaFee Corp. on January $1,2023,$ for $$85,950.$

The patent had a remaining legal life of $15$ years. In January $2025,$ Pina Colada spends $$27,920$

successfully defending a patent suit. In addition, Pina Colada now feels the patent will be useful

only for another seven years. Prepare the journal entries to record the $2025$ expenditure and

amortization for the year. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$

for the amounts. Round answers to $0$ decimal places, e$.$g$.5,275.$ List all debit entries before credit entries.$)$